> http://www.newleftproject.org/index.php/site/print_article/understanding_ecomomic_suicide > > Understanding Economic Suicide
one additional point: The current "growth model" involves the 1% fouling their old nests (the USA, etc.) in order to promote their nest-eggs involves using low-wage labor (with low environmental restrictions, etc.) to produce goods that to sell to the still-relatively rich areas (the USA, etc.) while depressing wages in the latter. The problem is that the USA etc. may not have enough purchasing power to purchase those goods. To realize the profits to which the 1% has become accustomed, the working classes of the USA etc. must either get pay raises (relative to productivity) or must benefit from a credit bubble (as during the 2000s). Alternatively, the demand for luxury goods or government items must soar. The latter involves larger government deficits and/or increased militarism. -- Jim Devine / "In science one tries to tell people, in such a way as to be understood by everyone, something that no one ever knew before. But in poetry, it's the exact opposite." -- Paul Dirac _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
